The Indian Special Investigation Team (SIT) looking into the alleged multi-crore cryptocurrency scam and is searching 41 separate locations in Himachal Pradesh.
Authorities claim that Abhishek, a Una district resident, was one of the four primary suspects in an investment scheme involving a cryptocurrency known as “Korvio Coin,” or KRO coin, which was produced locally in the Mandi district in 2018. The fraud also hit more than thousand police officers in Himachal Pradesh.
Raids were carried out in Sujanpur, Nauhangi, Rangas, and numerous other villages in Hamipur by individuals who enticed people to participate in multi-level marketing schemes (MLM).
The target locations of the SIT raid are Rakkar Colony and Oyal in the Una districts. The sources claim that police officers, government employees, and former employees are among those being investigated.
Two main accused, Sukhdev and Hemraj, were arrested in Gujarat, and both confessed they had outstanding liabilities of $400 crore during the investigation. The SIT reportedly captured Abhishek and then produced him in court, which placed him under five days of police custody.
The scammers had enticed innocent people and established a network of investors by promising huge returns in a short amount of time. As per the police, three or four different cryptocurrency types are used. Also, the prices of the cryptocurrencies were inflated and manipulated on phony websites.
The SIT investigations disclosed that around one lakh people by the fraud, and 2.5 lakh IDs have been found, including numerous IDs of the same individual. The police have advised the public to be cautious and on the lookout for such investment schemes, particularly in the cryptocurrency space.